MAE203 Global Economy - Individual Assignment Help

MAE203 Global Economy - Individual Assignment

Question 3. (Total = 6 Marks)

[One mark each for Questions 3.1, 3.2, 3.3, 3.4, 3.5 and 3.6]

3.1 If the economy is initially at point d, explain briefly whether the economy is in long-run equilibrium. What do you call the short-run situation of the economy at point d and why? (1 mark)